07:38 HPQ Hewlett-Packard beats by $0.03, reports revs in-line; guides Q3 EPS, revs below consensus; lowers FY11 EPS, revs below consensus (39.80 )
Reports Q2 (Apr) earnings of $1.24 per share, excluding non-recurring items, $0.03 better than the Thomson Reuters consensus of $1.21; revenues rose 2.5% year/year to $31.63 bln vs the $31.53 bln consensus. Co issues downside guidance for Q3, sees EPS of ~$1.08, excluding non-recurring items, vs. $1.23 Thomson Reuters consensus; sees Q3 revs of $31.1-31.3 bln vs. $31.78 bln Thomson Reuters consensus. Co lowers guidance for FY11, sees EPS of at least $5.00, excluding non-recurring items, vs. $5.24 Thomson Reuters consensus, down from $5.20-5.28; sees FY11 revs of $129-130 bln vs. $130.22 bln Thomson Reuters consensus, down from $130-131.5 bln, reflecting an expected near-term impact from the Japan earthquake and related events, continued softness in sales of consumer PCs, and reduced operating profit expectations for Services. Results were largely driven by performance in the commercial sector as businesses continued to spend on technology. HP experienced uneven consumer performance across its product categories during the quarter with continued softness in consumer PCs across all geographies. Co cites continued strength in commercial businesses resulted in commercial revenue increasing 8% year over year, with Enterprise Servers, Storage and Networking revenue up 15%, Software revenue up 17%, and commercial PC Clients and Printers revenue up 13% and 7%, respectively. |
